Millennials are following in baby boomers' footsteps and heading for the suburbs - but there's a key difference in how they're doing it
- Millennials are reviving the suburbs as they flee the city in search of more affordable housing, reported Valerie Bauerlein for The Wall Street Journal.
- They're following in baby boomers' path, but are being more selective with locations.
- Some millennials are even moving to the exurbs, a near-dead part of the suburbs, because they offer a more affordable way to become homeowners.
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American suburbs are booming.
Millennials are leaving the cities behind and flocking to the land of white picket fences and green lawns - all in search of more affordable housing, reported Valerie Bauerlein for The Wall Street Journal. They're following in baby boomers' footsteps, albeit belatedly - and on their own terms.
Millennials are being more selective, seeking suburbs with good weather and good jobs, typically in the Sunbelt, William Frey, demographer at the Brookings Institution, told Bauerlein. As a result, these suburbs are growing at a rate that's more than twice as fast as their neighboring cities, he said. In some areas, like Apex, North Carolina, the trend is creating an overcrowding problem, resulting in traffic jams and schools filled past capacity.
But some millennials are taking their search for affordable housing even further: They're buying homes outside the affluent suburbs and reviving the exurbs, reported Laura Kusisto of The Wall Street Journal. Those who have committed to the move have found that the savings are worth the commute time, which can be up to two hours.
The trends are a result of peak housing and soaring rent prices in the US. The median price of homes listed in the US is $291,900, according to Zillow. Millennials buying their first homes today are likely to pay 39% more than baby boomers who bought their first homes in the 1980s, according to Student Loan Hero.
Moving from the city center to a commuter town is a way for millennials to fast-track their path to homeownership.
But millennials aren't the only ones changing the way people think of the suburbs. Even wealthy New Yorkers, who can afford expensive housing prices, are turning to the areas as an escape. Those who can't give up the city life completely are buying weekend homes in the suburbs for a reprieve from the hustle and bustle of the city.
Are you a millennial who's moved from the city to the suburbs, the exurbs, or beyond? Email the reporter at hhoffower@businessinsider.com if you have a story to share.